You've worked out a line of credit arrangement that allows you to borrow up to $$45$ million at any time. The interest rate is $0\mathrm{.}6$ percent per month. In addition, $2$ percent of the amount that you borrow must be deposited in a non$-$interest$-$bearing account. Assume that your bank uses compound interest on its line of credit loans.

a$.$ What is the effective annual interest rate on this lending arrangement?

b$.$ Suppose you need $$10$ million today and you repay it in $6$ months. How much interest will you pay?